Golden visas: Indians curious about it but few apply. Expert explains why

Immigration lawyer Prashant Ajmera says Russians and Chinese are 'primary applicants' for such programmes

President Donald Trump has said that he plans to offer a “gold card” visa with a path to citizenship for $5 million. Golden visa schemes, which offer residency in return for investments, are an attractive option for settling down abroad quickly. Wealthy citizens of China, Russia and West Asian nations pursue such schemes but Indians are typically hesitant to commit. PRASHANT AJMERA, an immigration lawyer at Ajmera Law Group, spoke with Surbhi Gloria Singh to explain why Indian “curiosity” about golden visas does not always turn into applications. Edited excerpts from a telephonic interview:

 

Is there a strong interest among Indians for golden visas?

 

 

There is interest but it is more of a curiosity rather than a serious intent to relocate. The primary applicants for these residency and citizenship visas tend to be Russians and Chinese, largely due to geopolitical factors in their home countries. Historically, Indians have not been significant participants in these schemes.

 

The concept of golden visas first emerged in 2012, with Portugal introducing the programme in response to the fallout of the 2008 financial crisis. If you examine the early statistics, there were hardly any Indian applicants. However, interest among the Indian community began to grow when remittance regulations from India were eased. Even so, the number of Indians who have actually invested and relocated remains relatively small.

 

Where is most of the interest coming from within the Indian community?

 

The primary interest in golden visas comes from Indians residing in neighbouring countries such as those in the Middle East (West Asia), Singapore and Hong Kong. Many of them are reaching retirement age, and if they do not have a visa in their country of residence, they are required to return to India. To avoid this, some have opted for golden visas by purchasing property, allowing them to divide their time between India and Europe.

 

Construction companies, brokers, and immigration lawyers have been actively marketing golden visa programmes to Indian investors. However, the uptake is still far lower compared to destinations like the US or Canada.

 

How has the political climate in Europe impacted golden visa programmes?

 

After Portugal introduced its scheme, other nations such as Spain, Greece, Latvia, Hungary, Malta, and Cyprus followed suit. Between 2016 and 2019, there was a rush of developers from Malta and Cyprus selling real estate to investors, often in exchange for immediate European citizenship. These investments typically ranged from €600,000 to €1 million.

 

However, the European Union (EU) took issue with this, as these citizenship programmes were primarily attracting Russians and Chinese, many with dubious financial backgrounds. The EU intervened, asserting that European citizenship should not be for sale. Consequently, most countries shut down their direct citizenship routes, leaving only residency-based investment programmes. Malta remains an exception, but the EU is currently challenging its scheme in court.

 

What are the main deterrents for Indians considering golden visas?

 

A major deterrent is language. In European countries, English is widely spoken in major cities but outside those areas communication can be difficult. For Indians considering relocation, this presents a significant challenge. While Portugal has some Indian connections, particularly with Goa, once you move beyond Lisbon, there is little Indian presence or community support.

 

Many Indians moving abroad do so for their children’s education. As a result, English-speaking countries like the US, Canada, Australia, New Zealand, the UK and Ireland are preferred. Even for business opportunities, Indians tend to favour English-speaking nations where they feel more at ease navigating regulations and conducting transactions.

 

Which country would you suggest for Indians considering a golden visa?

 

Portugal is a strong option due to its Indian connections, which make the transition easier. In contrast, countries like France or Germany have smaller Indian communities, making adaptation more difficult. Additionally, Portugal has a milder climate, offering about 300 days of sunshine annually.

 

Greece offers golden visas. How does it compare?

 

Greece has language barriers but it is becoming increasingly popular. Many of these golden visa schemes were introduced by smaller countries in economic distress. Following the 2008 crisis, Portugal, Spain and Greece were nearly bankrupt and needed foreign investment. However, after a decade, property prices in Portugal soared, making housing unaffordable for locals. This led to restrictions on real estate-based golden visas. Spain recently closed its scheme, and Portugal has also tightened its rules, raising investment thresholds to €400,000–€800,000.

 

In Greece, the minimum investment remains at €250,000, but it must be in projects that convert commercial properties into residential spaces due to a housing shortage. This has kept Greece relevant in the golden visa market.

 

For high-net-worth individuals, would you recommend the EB-5 visa, Dubai’s golden visa, or a European programme?

 

It depends on the individual’s objectives. If the priority is children’s education, settling in an English-speaking country may be more beneficial. Some investors focus solely on financial returns, choosing either active business investments (which require management) or passive investments (such as real estate, government bonds, or fixed deposits). The key is ensuring that the investment aligns with their goals.

 

For example, if someone can afford an $800,000 investment and wants to live in the US, why spend the same amount in Greece? The purpose must drive the decision.

 

Do lifestyle and ease of travel shape these decisions?

 

Yes, particularly for those aged 50-55 considering retirement. Europe is appealing due to its proximity—just an overnight flight from India. By contrast, reaching Canada, Australia, or the US takes 30-40 hours. This convenience makes European countries attractive for those prioritising lifestyle.

 

Dubai’s golden visa is quite popular. How does it compare to European options?

 

Dubai’s golden visa is attractive due to its proximity to India. For someone in Mumbai, travelling to Dubai is as easy as going to Kolkata. However, many people move there only for part of the year. The extreme summer heat (45-50 degrees Celsius) makes year-round living impractical. For instance, hotels that charge $400 per night in peak season drop to $150 in summer due to low demand.

 

Most golden visa holders in Dubai use it as a secondary or holiday home rather than a permanent residence. Additionally, Dubai’s golden visa does not lead to permanent residency or citizenship. For families with young children, schooling options in Dubai are improving, but higher education remains limited. Most Indian families in the Middle East send their children to study in the US, Canada, or Europe.

 

Many Indian investors explore golden visa options but often prioritise practical considerations like language, taxation and long-term benefits. While interest exists, actual participation remains limited compared to other nationalities.

 

Golden visa options for Indian investors

 

Despite growing restrictions, several golden visa schemes remain open to Indian applicants:

 

Portugal: Investors can qualify for residency through investments in approved funds, scientific research, or business expansion.

 

Greece: The minimum investment requirement has risen to €400,000 for real estate. An alternative path allows a €250,000 investment in local startups.

 

Spain: The country is phasing out its programme but investors who applied before 2024 can still get their visa processed.

 

Malta: Citizenship by investment remains an option, though applicants must pass a rigorous vetting process.

 

Caribbean nations: St. Kitts and Nevis, Grenada, Antigua and Barbuda, Dominica, and Saint Lucia offer passports in exchange for investments starting at $200,000.

 

United Arab Emirates: The UAE's golden visa remains open to Indian investors and professionals in sectors such as healthcare, technology, and business.

 

Singapore: While not officially a golden visa, the Global Investor Programme allows permanent residency through substantial investments in local businesses:

 

1. Business Investment: Invest at least SGD 10 million in a new or existing business in Singapore.

 

2. Approved Fund Investment: Commit a minimum of SGD 25 million to a GIP-select fund that invests in Singapore-based companies.

 

3. Family Office Establishment: Set up a Singapore-based single-family office with assets under management of at least SGD 200 million, with at least SGD 50 million invested in specific categories such as listed equities, qualifying debt securities, approved funds, or private equity in non-listed Singapore-based companies.